Uttar Pradesh eye surplus land to build three lakh delayed Noida flats

Uttar Pradesh eye surplus land to build three lakh delayed Noida flats
30/01/2019 , by , in News/Views

The Centre and the Uttar Pradesh government are looking to tap the unutilised land available with developers of delayed projects in Noida and Greater Noida, as well as setting up a dedicated fund to release stress and speed up delivery of nearly three lakh apartments.

The issue of setting up a stress fund for the sector was discussed at a meeting between PiyushGoyal, who is officiating as finance minister, and public sector banks on Monday where housing secretary D S Mishra was also present, sources told media.

Though the corpus of the stress fund is yet to be worked out, the seed capital could be anywhere between Rs 1,000 crore and Rs 2,000 crore. The housing ministry, NBCC and banks have been asked to work out a plan that can be implemented quickly.

The other option is to use undeveloped land parcels with developers by transferring them to agencies such as NBCC, the construction PSU, which can leverage them to raise resources or develop them and finance the construction of flats, some of which were booked a decade ago.

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